NZ joins Multilateral Investment Guarantee Agency
Hon Dr Michael Cullen
Minister of Finance
Tuesday 20 May Media Statement
NZ joins Multilateral Investment Guarantee Organisation
New Zealand has become a full member of the Multilateral Investment Guarantee Agency (MIGA), an arm of the World Bank, Finance Minister Michael Cullen announced today.
“Becoming a full member of MIGA will allow New Zealand to better support the World Bank with its mandate to promote economic opportunities for some of the world’s poorest communities,” Dr Cullen said.
MIGA is an insurance agency with a mandate to encourage foreign direct investment, stimulate growth and improve people’s lives.
The Agency’s main business is to provide insurance in frontier markets against political and sovereign risk. The agency also provides dispute mediation and technical assistance to host countries seeking to reform investment policy.
“In the wake of New Zealand’s decision to become a full member of MIGA, New Zealand-based firms can now access the range of insurance products provided by MIGA. MIGA’s products will be of interest to New Zealand businesses seeking to invest equity into ventures in some of the world’s poorer regions. These products will complement the range of products currently provided by the New Zealand Export Credit Office,” Dr Cullen said.
MIGA has since its inception written guarantees for 90 projects valued at over US$1.8 billion. New Zealand, as a shareholder, has invested NZ$9 million in MIGA.